Decision | Consent Granted |
|---|---|
Decision Maker | Overseas Investment Office |
Decision Date | 24 July 2018 |
Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the ordinary shares of Haier New Zealand Investment Holding Company Limited (“Target”), the consideration of which exceeds $100m. |
Consideration | US$856,087,267 (being approximately NZ$1,233,097,000) |
Applicant | Haier Singapore Investment Holding Pte. Ltd |
Vendor | Haier (Singapore) Management Holding Co. Pte. Ltd |
Background | Haier Group Corporation (“Haier Group”), a global manufacturer of home appliances headquartered in China, owns 41% of Qingdao Haier Co Ltd (“Haier 690”) and indirectly owns 100% of the Vendor and the Target. Haier 690 indirectly owns 100% of the Applicant. Listed on the Shanghai Stock Exchange, Haier 690 manufactures and sells household appliances and electronic products, distributes products in domestic and export markets, and raises capital and undertakes investments in appliance businesses. Haier 690’s brand portfolio currently includes Haier, Casarte, Aqua and GE Appliances. The Target’s parent company (the Vendor) was granted consent under the Act for the Target’s takeover offer of Fisher & Paykel Appliances Holdings Limited (“Fisher & Paykel”) in October 2012. The Target has owned 100% of Fisher & Paykel since then. Fisher & Paykel is a leading designer, manufacturer and distributor of high-end white household appliances. Following the completion of the Investment which is part of an internal restructure within Haier Group, the Applicant intends that Fisher & Paykel will be able to interact more closely with Haier 690 and its other appliance businesses. This will improve Haier 690’s brand portfolio, advance its global large kitchen strategy, and gain synergies in production, marketing, and research and development in China and overseas. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
More information | Glenn Shewan |